SHMEC Fin report 30 Sept 06

September financial result

INCOME

• Market sale : 636,428,172.00 ISK
• Shares( sell+ div) : 57,548,566.15 ISK
• 10% Corp Tax: 41,773,754.21 ISK
• Minerals sold: 1,381,052,417.38 ISK

Total Income : 2,116,802,909.74 ISK

EXPENDITURES

• Mineral buy: 2,027,516,223.79 ISK ( including Broker Fee)
• Production fees : 589,340.53 ISK
• Sales Tax: 12,626,315.30 ISK
• Broker fees : 9,266,885.78 ISK
• BPO : 5 ,000 ,000 ISK
• Ship : 22 ,000, 000 ISK
• Dividend : 49,000,000,ISK
• Office Rent : 173,492 ISK
• Mining Division OP Budget : 25,000,000 ISK
• Security& Exploration Division OP Budget: 35,993,338.80 ISK
• Trade & Production Division OP Budget: 27,000,000 ISK

TOTAL EXPENDITURES : 2,214,165,596.20 ISK

NET INCOME: -97,362,686.46**

** Income is negative because we increase our ASSET( minerals, BPO Etc..)

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ASSET

Wallet : 145,977,399.55 ISK

Shares portfolio: 86,520,000,ISK

BPO : 55,312,500 ISK

Minerals : 562,543,506.43 ISK

Corp Ships: 123,775,000 ISK

Production inventory: 52,133,862.50 ISK

Buy Order: 126,115,279.63 ISK

Sell Order: 183,848,050 ISK

Total Asset : 1,336,225,598.11 IS

Liabilities : 200,000,000 ISK ( Loan from Alliance Fund)

NET ASSET VALUE( NAV ): 1,136,225,598.11 ISK

NEW NAV per share : 56,811.28 ISK ( +20.93%)

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Even if this month our net income is negative , we increase our NAV by almost 21% and we given 3500 isk per share in dividend. I am really happy to our performance for a small corp like us.

We still looking for a good moon and I hope we can find one soon to install our first POS to harvest moon.

Our dividend will stay low until we reach a NAV per share equal to our IPO price.

Tolmar

SHMEC VCEO and Financial EO

15 Sep 06 Dividend

The Silver Hand Mining and Exploration corp will issue a dividend of 2000 isk/share the 15 Sep 06. We also broke the 1.1 billion Net Asset Value and I'm looking forward to see if we can broke the 400M only for the month of September.


Tolmar
SHMEC VCEO and Financial EO